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Fiscal union imminent for Europe<br><br>As the sovereign debt crisis drags on and with Greek on the brink of default, the Euro area could be barreling toward a new type of fiscal union. Morgan, says pressure for a fiscal union that includes a shift to joint and several liability is coming from the unreliability of some sovereign states in the region.<br><br>developments suggest that the region is moving towards some kind of fiscal union on a must faster timetable than anyone envisaged before the sovereign crisis began, he said in a research note Tuesday.<br><br>As the crisis is expected to escalate over the next few weeks, Mr. Mackie says policymakers are likely to move to expand the European Financial Stability Facility (EFSF), the eurozone bailout fund created in May 2010 with the power to issue bonds, with a joint and several guarantee structure.<br><br>Leaders are also likely to launch an intergovernmental conference on treaty reform,prada ipad mini 2 leather case, he says, which has historically been a drawn out and often bitter process.<br><br>But he says it possible that a new treaty on fiscal union could be reached by just the 17 countries that use the euro in the Economic and Monetary Union rather than all 27 European Union member states.<br><br>In either case, the treaty revision process will take some time.<br><br>an expanded EFSF and more substantial ECB (European Central Bank) bond purchases could give the region a significant amount of breathing space, Mr. Mackie says.<br><br>although the ultimate destination of a fiscal union with common bonds would eliminate much (or all) sovereign risk in the region, the road to that destination is likely to be a rocky one, he adds.

Fiscal union imminent for Europe<br><br>As the sovereign debt crisis drags on and with Greek on the brink of default, the Euro area could be barreling toward a new type of fiscal union. Morgan, says pressure for a fiscal union that includes a shift to joint and several liability is coming from the unreliability of some sovereign states in the region.<br><br>developments suggest that the region is moving towards some kind of fiscal union on a must faster timetable than anyone envisaged before the sovereign crisis began, he said in a research note Tuesday.<br><br>As the crisis is expected to escalate over the next few weeks, Mr. Mackie says policymakers are likely to move to expand the European Financial Stability Facility (EFSF), the eurozone bailout fund created in May 2010 with the power to issue bonds, with a joint and several guarantee structure.<br><br>Leaders are also likely to launch an intergovernmental conference on treaty reform,prada ipad mini 2 leather case, he says, which has historically been a drawn out and often bitter process.<br><br>But he says it possible that a new treaty on fiscal union could be reached by just the 17 countries that use the euro in the Economic and Monetary Union rather than all 27 European Union member states.<br><br>In either case, the treaty revision process will take some time.<br><br>an expanded EFSF and more substantial ECB (European Central Bank) bond purchases could give the region a significant amount of breathing space, Mr. Mackie says.<br><br>although the ultimate destination of a fiscal union with common bonds would eliminate much (or all) sovereign risk in the region, the road to that destination is likely to be a rocky one, he adds.